FASB issues standards on fair value, pension plans.

The FASB (www.fasb.org) has issued a standard that provides enhanced guidance for using fair value to measure assets and liabilities. The standard also responds to investors' requests for expanded information about the extent to which companies measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. It applies whenever other standards require (or permit) assets or liabilities to be measured at fair value. Fair value's use is not expanded in any new circumstances as a result of the standard. Statement of Financial Accounting Standards No. 157, Fair Value Measurements, is effective for financial statements issued for fiscal years beginning after Nov. 15, 2007, and interim periods within those fiscal years. Early adoption is permitted.

In another action, the FASB issued a standard that will require employers to fully recognize the obligations associated with single-employer defined benefit pension, retiree healthcare and other postretirement plans in their financial statements. Statement of Financial Accounting Standards No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans (an amendment of FASB Statements No. 87, 88, 106 and 132R), has varying effective dates based on the different requirements.